Leases (Tables)

12 Months Ended

Jan. 28, 2023

Leases [Abstract]

Lease Cost

Operating lease expense was as follows:

	Fiscal 2022		Fiscal 2021		Fiscal 2020
Operating lease cost (1)	$	223,151	$	219,351	$	235,301

(1) Includes approximately $39.0 million, $38.4 million and $30.4 million in variable lease costs for fiscal 2022, 2021 and 2020, respectively.

Supplemental cash flow information related to operating leases was as follows:

	Fiscal 2022		Fiscal 2021			Fiscal 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows	$	205,235	$	220,163	(1)	$	175,329
Right of use assets obtained in exchange for lease obligations, non-cash	$	134,694	$	35,010		$	140,833

(1) The Company suspended or deferred rental payments when and where applicable as a result of the impact of the pandemic.

Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to operating leases was as follows:

	Fiscal 2022			Fiscal 2021
Right of Use Assets	$	435,321		$	463,077
Current lease liabilities	$	153,202		$	172,506
Long-term lease liabilities	349,409			381,081
Total operating lease liabilities	$	502,611		$	553,587
Weighted Average Remaining Lease Term (years)	4.2			4.0
Weighted Average Discount Rate (1)	5.3		%	4.5		%

(1) The incremental borrowing rate used by the Company is based on the rate at which the Company could borrow funds using its credit rating for a collateralized loan of similar term to the lease. The weighted average discount rate represents a weighted average of the incremental borrowing rate for each lease, weighted based on the remaining fixed lease obligations.

Maturities of Operating Lease Liabilities

Minimum future rental payments under non-cancelable operating leases (including leases with certain minimum sales cancellation clauses described below and exclusive of variable common area maintenance charges and/or contingent rental payments based on sales) as of January 28, 2023, are approximately as follows:

 

FISCAL YEAR ENDING:
February 3, 2024	$	179,556
February 1, 2025	139,548
January 31, 2026	96,182
January 30, 2027	66,212
January 29, 2028	39,882
Thereafter	49,362
Total future minimum lease payments	$	570,742
Less imputed interest	(68,131)
Total	$	502,611